Diethyl fluoronitromethylphosphonate (3), a previously unknown compound, was synthesized by electrophilic fluorination of diethyl nitromethylphosphonate with Selectfluor. Base‐induced decomposition of 3 was studied by NMR spectroscopy, which identified diethyl fluorophosphate and fluoronitromethane as the main decomposition products. CH acidities [pKa values in dimethyl sulfoxide (DMSO)] of 3, 1‐fluoro‐1‐phenylsulfonylmethanephosphonate (1; McCarthy’s reagent), tetraethyl fluoromethylenebisphosphonate (2), and some nonfluorinated phosphonates were computed, and a good correlation between calculated and experimental pKa values was found. The calculated CH acidities increased in the sequence 2<1<3. Diethyl fluoronitromethylphosphonate (3) was applied in the Horner–Wadsworth–Emmons reaction with aldehydes and trifluoromethyl ketones to provide new 1‐fluoro‐1‐nitroalkenes with good to high stereoselectivities. Alkylation of 3 was successful only with iodomethane, however, conjugate additions of 3 to Michael acceptors such as α,β‐unsaturated carbonyl compounds, sulfones, and nitro compounds allowed access to variously modified diethyl 1‐fluoro‐1‐nitrophosphonates.